[SMM Tin Midday Review: Macro Expectations Shifted Again, SHFE Tin Contract Declined in a Stepwise Pattern During the Morning Session]

[Low Activity in Market Distribution — GO Silicon Steel Prices May Be in the Doldrums Next Week] This week, cold-rolled grain-oriented silicon steel prices remained generally stable, with strong wait-and-see sentiment in the market. Overall transaction performance was weak, as the industry widely awaited the latest pricing policy guidance from mainstream steel mills such as Baowu. Recently, ferrous metals futures were persistently in the doldrums, weighing on silicon steel market sentiment to some extent. Spot quotes remained generally stable, with minor room for negotiation on standard CGO grade resources. Price-wise, current high-permeability Hi-B silicon steel quotes remained relatively firm, while standard GO silicon steel quotes held steady.

[SMM Tin Midday Review: Continued Geopolitical Tensions Fueled Rising Wait-and-See Sentiment, Tin Prices Opened Lower and Traded Sideways in the Morning]

Today, DCE iron ore futures trended weaker overall. The most-traded contract I2609 ultimately closed at 766.5 yuan/mt, down 1.35% from the previous trading session. Spot prices fell 5-8 yuan/mt from the previous trading day.

DCE iron ore futures trended weaker overall today. The most-traded contract I2609 ultimately closed at 766.5 yuan/mt, down 1.35% from the previous trading session. Spot prices fell 5-8 yuan/mt from the previous trading day. Traders were only moderately active in offering, while steel mills were cautious in procurement with fewer inquiries; spot market transactions were mediocre so far. According to SMM survey data, daily average hot metal production increased by 8,400 mt WoW this week, reaching 2.439 million mt. Blast furnace capacity utilization rate rose to 90.02%. The number of blast furnaces under maintenance decreased significantly overall, providing strong support for rigid demand for iron ore in April. Despite the fundamentally positive conditions, the overall market trend was still influenced by news. Reports of breakthrough progress in negotiations triggered market concerns over potential future supply, leading to downward pressure on prices. Meanwhile, persistently sluggish spot market transactions also weighed on the iron ore market. Overall, iron ore prices are expected to continue a volatile and bearish trend going forward.

During the survey period (March 24–March 30), the operating rate of rebar in the Central China region remained temporarily stable, while the capacity utilization rate increased slightly; both the operating rate and capacity utilization rate of wire rod declined.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

[SMM Daily Review: Spot Lithium Carbonate Prices Fluctuated Upward on March 13] SMM's battery-grade lithium carbonate index price fluctuated upward from the previous working day. Futures trend, the most-traded contract fluctuated higher after opening and once climbed to around 163,000 yuan/mt; after the midday session, the price reversed downward and once fell to 150,000 yuan/mt near the close, then fluctuated rangebound at low levels until the close. As of the close, open interest for the day decreased by about 8,500 lots from the previous trading day. Actual transactions, upstream lithium chemical plants showed a clear reluctance to sell and held prices firm, while willingness to sell spot orders remained weak; downstream material plants still mainly stayed cautious and on the sidelines, maintaining only just-in-time procurement. Overall, both market inquiries and actual transactions were sluggish. As for subsequent price movements, given that downstream procurement sentiment remained cautious and the market lacked sustained momentum to chase higher prices, lithium carbonate prices were expected to continue a fluctuating trend in the short term.

[China Iron Ore Brief: Iron Ore Concentrates Prices in Tangshan Had Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable this week, with the ex-factory prices of 66-grade dry-basis, tax-included iron ore concentrates at 970-980 yuan/mt. As the important meeting was about to close, the impact of environmental protection and safety inspections gradually weakened, and some mines and beneficiation plants showed stronger willingness to produce, though overall iron ore concentrates resources remained relatively tight. According to SMM tracking, after the meeting ended, some mines and beneficiation plants that had suspended production earlier

Today DCE iron ore futures trended firmer , though prices retreated slightly in the final hour of trading. The most-traded I2605 contract ultimately closed at 772 RMB/tonne, an increase of 1.38% from the previous trading session.